Immofinanz Group announces the acquisition of the remaining 50% stake in the Panta Rhei, a planned office development project in Düsseldorf, from the co-owner Frankonia Group.
This project was originally planned as a 50:50 joint venture, but Immofinanz Group has decided in favor of a full takeover. The parties have agreed not to reveal any information on the purchase price.
"Our real estate machine is running smoothly and the purchase of the remaining stake in the Panta Rhei is a perfect example. The re-investment of liquid funds generated by other areas of our business in development projects allows us to produce sustainable properties at a clearly defined and constantly high quality level, for example this building in Düsseldorf.
"The location is promising the Panta Rhei will certainly have a special standing in the Airport City," commented Eduard Zehetner, Chairman of the Executive Board of Immofinanz Group.
The Panta Rhei involves the construction of a prime office complex with approx. 9,600 m² of rentable space. One highlight of this building in the Airport City Düsseldorf will be its unusual design, which was created by the well-known architects RKW (Rhode Kellermann Wawrowsky).
Construction is currently scheduled to start in summer 2012. This project will expand Immofinanz Group's development portfolio, which comprised 36 properties with a combined carrying amount of 432.2 million as of January 31, 2012.
The full takeover of this project also marks a further step in the steady implementation of the company's strategy to either sell non-controlling interests, to convert these interests into majority holdings or to complete the full takeover of the property for its own portfolio.
Source: Immofinanz Group